The recovery - after May's "Hard Brexit"-Speech and the following break down of GBPUSD to 1.19 - went from 1.19 up to 1.279 (the Post Brexit Low) which holds as strong resistance now.
Then on December 15th, we broke the short term upwards trend which generated a lot of bearish momentum. Additionally, We broke 1.23 yesterday which adds to negative momentum. There will be a breather from all the bearish days in the near future but cable will continue its path down to 1.19.
Do not take my wave count seriously...
Then on December 15th, we broke the short term upwards trend which generated a lot of bearish momentum. Additionally, We broke 1.23 yesterday which adds to negative momentum. There will be a breather from all the bearish days in the near future but cable will continue its path down to 1.19.
Do not take my wave count seriously...
Comment:
Now, I think a further bearish lag down is imminent. We saw a bearish engulfing on the daily and the 10day "weakness" in USD seems over. NEXT week will be a strong Weak for USD, start selling GBPUSD and EIRUSD on Monday